C Corporations or S Corporations?

As we’ve previously discussed in these blog post, entity selection is a very important matter, one which requires a careful analysis of all relevant facts and circumstances. Choosing an entity that isn’t ideal for a situation can have negative financial consequences, so it’s imperative that the best entity be chosen. In this blog post, our New York City tax […]

Celebrity Tax

Celebrity Tax Troubles 

As difficult as it may be for Americans to believe, celebrities are really just human beings. In the U.S., with our glorification of Hollywood, of athletes, of musicians and entertainers of all sorts, we tend to place celebrities on a pedestal and view them as nearly superhuman when compared with the normal citizens who make up the bulk […]

sole proprietorships

Sole Proprietorships in New York 

In the past, we’ve discussed “entity selection” in several different contexts. Entity selection is a process which essentially involves determining which entity best suits a given situation for tax and liability purposes. Numerous factors contribute to this determination including, but not limited to, the number of shareholders and location. C corporations, for instance, face double taxation because […]

Stock Purchases Treated as Asset Acquisitions

Stock Purchases Treated as Asset Acquisitions

In the past, we’ve covered complex business transactions which may obtain optimal tax treatment by utilizing particular sections of the tax code. We’ve discussed the numerous variations of tax-deferred reorganizations under Section 368, for instance, as well as the tax-deferred exchange of property under Section 1031. Both of these sections can generate huge benefits for businesses and individuals; reorganizations […]

Fair Debt Collection

Key Aspects of Fair Debt Collection

In a previous post, we discussed some of the basic points of debt consolidation. Continuing with this same general theme, in this post we will also examine debt, but we will do so from a different angle. As we mentioned before, debt is a significant force in American life for a number of different reasons; many Americans feel […]

Debt consolidation

What is Debt Consolidation? 

Few words in our language can inspire as much anxiety as the word “debt.” This applies doubly for Americans, because so often we associate our general well-being with our financial condition. None of us wish to take on debt, but in some cases debt is simply an unavoidable part of trying to get ahead. Millennial Americans, […]

Trust Income Taxation

Basics of Trust Income Taxation 

The federal income taxation of trusts is one of the more commonly overlooked topics in the realm of tax and finance. Relatively few trust tax returns are filed annually, and so the lack of attention to this area of taxation is actually not too surprising. Nonetheless, trust income taxation is still a very important issue because trusts […]

Dividends and Distributions

Dividends and Distributions 

As dedicated tax and business attorneys here at Mackay, Caswell & Callahan, we know that it’s important that we gain and maintain a firm command over certain financial concepts so that we can best serve our clients. In many cases, this isn’t an easy task, because many concepts in tax, business and finance are complex and […]

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